Below is an independent review for Coinbase. If you choose to sign up for Coinbase use our referral code here. Also, if you found this site helpful, please feel free to click the tip link below to help boost the development of this site, support the foundations that support cryptocurrencies and sponsor future developers to go to conferences. For more information for where referral code funds and tips are used for, please click here.
Coinbase a US Based brokerage firm that is the most used for converting fiat to cryptocurrencies. They are also one of the only exchanges that are FDIC insured up to $250,000. Coinbase currently supports three cryptocurrencies, BTC, LTC and ETH. Coinbase does own an exchange, GDAX, where you can buy/sell a multitude of other cryptocurrencies once your fiat is uploaded.
Coinbase does comply with AML/KYC compliance requirements which makes the process of setting up an account time consuming. Coinbase is also has one of the most rigorous account set up procedures. Setting up an account and loading your banking information can take 2-5 business days depending on volume of new users. For compliance with KYA/ALM Regulations, it is recommended by us that you do the individual verification process on your phone through their app instead of on a computer as it is faster.
To verify your information, Coinbase will require the following information.
- E-mail address
- Phone Number
- Full Name
- Birth Date
- Address of Current Residence
- Taxpayer Identification Number (Social Security Number)
- Government Issued Identification Photo
- Identity verification with personal questions about your past (If one answer is wrong, you are locked out for 24 hours!)
Once verified, you can upload funds one of three ways, each having their own restrictions. Below is a table with the information.
|Methods of Upload||Processing Times*||Fee’s||Limits
|ACH||4-6 Days||Free (USD)
|$2,000 (weekly)||$15,000 (weekly)|
Coinbase restricts the amount of funds that you can upload per week for the first 120 days. After that, your account is aged and will have higher limits. Furthermore, coinbase limits the amount that you can transact from USD to cryptocurrencies and back per week to $25,000 once your account is aged.
For a complete list of fiat currency it accepts and countries it services, click here.
Unique Features about Coinbase
The vault function is unique to coinbase which will require any withdrawals of cryptocurrency to require a two e-mail verification and a 48 hour hold before the funds are released. This is to help provide additional security to the user as these funds are held by coinbase in cold storage and provides a delayed release in case someone does hack into your account. This is recommended if you plan on holding large amounts of cryptocurrency on coinbase instead of a wallet.
Drawbacks of Coinbase
- Customer Support is extremely slow to help with tickets. When I have submitted tickets in the past it has taken 1-2 weeks.
- Limited access to the hundred’s of other cryptocurrencies available.
- High Fee to purchase BTC, LTC and ETH and to transfer these cryptocurrencies to other exchanges and/or wallets.
- All purchases must be instant buy or instant sell. No market orders are allowed.
Additional Links for Coinbase